[SMM Daily Coke & Coal Briefing] 20250723

Published: Jul 23, 2025 17:23

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[SMM Daily Coke Market Brief Comment] Mainstream steel mills in Hebei and Shandong accepted the second round of coke price increases of 50-55 yuan/mt. In terms of supply, the coke price increase has been implemented, repairing the profits of coking enterprises. However, most coking enterprises are still operating at the break-even point, with general production enthusiasm, and there is no immediate increase in coke supply. Demand side, steel mills' profitability is relatively strong, and the market sentiment is bullish. Steel mills maintain high enthusiasm for coke procurement. In summary, the second round of coke price increases has been implemented, and there are still expectations for further increases in the future. In the short term, the coke market will hold up well.

[SMM Daily Coking Coal & Coke Market Review]

Coking coal market:

Low-sulphur coking coal in Linfen was quoted at 1,320 yuan/mt, while Tangshan low-sulphur coking coal was offered at 1,300 yuan/mt.

Raw material fundamentals: The National Energy Administration will soon inspect some overproducing mines, coupled with the military parade on September 3, coking coal supply is expected to contract. Market sentiment remains high, with robust speculative demand from traders and increased procurement by coke and steel enterprises. Coal mines reported smooth sales and significantly reduced inventory pressure. In summary, the coking coal market is likely to hold up well in the short term.

Coke market:

The nationwide average price for first-grade metallurgical coke (dry-quenched) stood at 1,550 yuan/mt, while quasi-first-grade dry-quenched coke averaged 1,410 yuan/mt. First-grade wet-quenched coke was priced at 1,220 yuan/mt, and quasi-first-grade wet-quenched coke at 1,130 yuan/mt.

Mainstream steel mills in Hebei and Shandong accepted the second round of coke price increases of 50-55 yuan/mt. Supply side: Though the price hike improved coke producers' margins, most remain near break-even with limited production enthusiasm, resulting in no supply increment. Demand side: Steel mills maintain strong profitability amid bullish market sentiment, sustaining high procurement activity. In conclusion, with the second round of increases implemented and further hikes anticipated, the coke market is expected to hold up well in the near term. [SMM Steel]

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